New Issue: JPMorgan prices $85,000 11% reverse exchangeables linked to Foster Wheeler

By Angela McDaniels

Seattle, Jan. 30 - JPMorgan Chase & Co. priced a $85,000 offering of 11% reverse exchangeable notes due Jan. 30, 2008 linked to the common stock of Foster Wheeler Ltd., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Foster Wheeler stock falls by more than 30% during the life of the notes and finishes below the initial share price of $53.98, in which case the payout will be a number of Foster Wheeler shares equal to $1,000 divided by the initial share price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Foster Wheeler Ltd.
Amount:	$85,000
Maturity:	Jan. 30, 2008
Coupon:	11%, payable monthly
Price:	100
Payout at maturity:	Par unless Foster Wheeler stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case payout will be 18.52538 Foster Wheeler shares
Initial share price:	$53.98
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Agent:	J.P. Morgan Securities Inc.
Agent fees:	4.25%, including 3.125% for selling commissions

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